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Financial Highlights

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Financial Highlights

The following tables show figures from the consolidated financial statements. You can select your preferred periods from the drop-down menu. All data can be downloaded in Excel format.
The Safilo Group fiscal year ends in December.

Select Period:
Income Statement
(Millions of euros)
2019 ° °
2018
2017°
2016
2015
Net sales 964.7 962.9 1,035.4 1,252.9 1,279.0
Gross profit 487.3 481.5 519.6 715.6 757.0
EBITDA 23 41.7 25.9 80.9 82.4
Operating profit/(loss) (294.5) (5.9) (208.2) (116.3) 0.8
Net profit/(loss) attrib. to the Group (328.3) (32.4) (251.6) (142.1) (52.7)
Key data per share
Shares outstanding 275.703.846 250,510,509 62,659,965 62,659,965 62,629,965
Basic EPS (1.191) (0.300) (4.015) (2.269) (0.843)

° °2019 economic and financial highlights are provided with reference to the Group's total operations, including the US retail business Solstice, sold as of 1 July 2019. 2019 results also include the impacts of the accounting standard IFRS 16, effective from January 1, 2019, without the restatement of 2018 comparative information.

° The new accounting standard IFRS 15 regarding “Revenue from contracts with customers” entered into effect starting from 1 January 2018. Following the fully retrospective approach chosen by the Group, the application of the principle to FY 2017 total net sales had an adjustment effect on the sales and cost of goods sold equal to Euro 11.6 million with a neutral effect on the gross profit.

Balance Sheet
(Millions of euros)
2019°°
2018
2017
2016
2015
Net working capital 250.8 251.3 231.6 261.7 277.7
Tangible & intangible fixed assets 240.6 461.6 473.3 710.0 843.7
Financial fixed assets - - - - -
Non-current assets held for sale - - 1.3 1.5 9.9
Other assets/(liabilities) (74.7) (33.7) (41.3) (52.1) (42.8)
Net capital employed 416.8 679.2 664.9 921.2 1,088.5
Net financial position 74.8 32.9 131.6 48.4 89.9
Minority interest (0.1) - - - 1.1
Shareholders' equity 342.1 646.3 533.2 872.8 997.5
Cash Flow
(Millions of euros)
2019°°
2018
2017
2016
2015
Cash from operating activities prior to changes in working capital 36.8 27.8 4.9 47.0 61.1
Changes in working capital (10.2) (25.1) (36.0) 42.0 53.7
Cash from operating activities 26.5 2.7 (31.1) 89.1 114.8
Cash from financing activities (41.0) (28.3) (39.0) (44.3) (40.0)
Free cash flow (14.5) (25.6) (70.1) 44.7 74.8
Number of Employees
2019
2018
2017
2016
2015
Headquarters 996 1,054 1,131 1,065 1,040
Production 3,607 3,706 3,910 4,117 4,141
Commercial 1,151 1,239 1,335 1,141 1,319
Retail - 595 733 805 825
Total 5,754 6,594 7,109 7,128 7,325
Adjusted economic KPI*
2019°°
2018
2017
2016
2015
Adjusted EBITDA 63.7 47.5 41.1 88.8 102.4
Adjusted Operating profit/(loss) (4.1) 0.0 (0.8) 43.5 61.4
Adjusted Net profit/(loss) attrib. to the Group (13.7) (26.7) (47.1) 15.4 6.9

In 2019, the adjusted economic results exclude: (i) the impairment of the entire goodwill allocated to the Group’s cash generating units of Euro 227.1 million, (ii) the write-down of deferred tax assets of Euro 22.4 million, (iii) the write-down of fixed assets of Euro 9.0 million for the restructuring plan in Italy, announced on December 10, 2019, (iv) non-recurring costs of 39.4 million, related to the above-mentioned restructuring plan in Italy for Euro 21 million, to the cost saving program undertaken by the Company during the year, and to activities linked to acquisitions and divestitures, and (v) non-recurring items related to the retail discontinued operations for Euro 18.6 million. At the net result level, there was a positive tax effect on the non-recurring costs themselves of Euro 1.9 million.

In 2018, the adjusted economic results exclude non-recurring costs for Euro 5.8 million, mainly related to the CEO succession plan and reorganization costs in North America and Europe, and include an income of Euro 39.0 million, annual portion of the total Euro 90 million accounting compensation for the early termination of the Gucci license.

In 2017, the adjusted economic results exclude: (i) an impairment charge on the goodwill allocated to the Group’s cash generating units for Euro 192.0 million and (ii) non-recurring costs for a total of Euro 15.3 million (Euro 15.2 and 12.5 million, respectively on EBITDA and Net result) related to the reorganization of the Ormoz plant in Slovenia, cost saving and restructuring initiatives, and to some legal litigations; include: (i) an income of Euro43 million, annual portion of the total Euro 90 million accounting compensation for the early termination of the Gucci license.

In 2016, the adjusted economic results exclude: (i) an impairment loss on the goodwill allocated to the Far East cash generating unit for Euro 150.0 million and (ii) non-recurring restructuring costs for a total of Euro 9.8 million (Euro 7.9 and 7.5 million, respectively on EBITDA and Net result) due for Euro 8.6 million to overhead cost saving initiatives, such as the integration of Vale of Leven (Scotland) Polaroid lens production into Safilo’s China based corporate supply network and for Euro 1.2 million to commercial restructuring costs in the EMEA region; include: (i) an income of Euro 8 million related to part of the total Euro 90 million accounting compensation for the early termination of the Gucci license, and (ii) an expense of Euro 4 million related to the final acceleration to P&L of Gucci prepaid royalties.

In 2015, the adjusted economic results exclude: (i) an impairment loss on the goodwill allocated to the Far East cash generating unit for Euro 40.5 million, (ii) commercial restructuring costs in the EMEA region for Euro 1.2 million, other non-recurring costs for Euro 1.8 million mainly related to the consolidation of the Group’s North American distribution network into its Denver facility and Euro 17.0 million for a provision for other risks and charges in relation to the investigation of the French Competition Authority.


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